Taking Advantage Of Disability Income Benefits

Disability income benefits are an ideal way to protect yourself from potential financial devastation if you were to find yourself unable to work before you are due for retirement said a Springer Ayeni Burlingame disability attorney. Many employers offer extremely low cost insurance that will supplement your income for both short term and long term disability situations. There is also an insurance program offered through the federal government, but that can be much more difficult to quality for.

It is important to understand what is and is not covered under each disability income program when planning for your financial security. The laws vary from state to state as to what is required to be covered. This includes the time frames and the percentage of income as well as the level of disability that must be faced to qualify. For short term disability the time frame allowed can be as little as six weeks but usually is up to one calendar year. Long term disability insurance will cover you if you are unable to return to work after more than a year. The process for qualifying for coverage under this insurance can be much more complex than qualifying for short term disability.

When it comes to the income that is covered it can range a great deal as well. For short term disability it can be anywhere from 40 to 60 percent of your average weekly income. Long term disability can cover from 50 to 60 percent of your average weekly salary. These policies can even vary within your state depending on whether they are a group policy, such as one offered by an employer, or one that you purchased independently. It is best to work closely with a financial advisor to determine the best option for you.

It is critical that you take the time to consider what your financial situation will look like if you were to become injured to the point of being unable to work. While it is advised that you should have a number of months worth of savings to cover unforeseen events, most people do not have the financial means to do so. Even if you do a serious injury could quickly deplete these funds if you do not have the proper coverage.

While everyone that has worked and paid into social security is covered in the event that they become disabled, the payments are relatively low. In fact, the average monthly payments are lower than most mortgages. To best create a solid financial plan it is ideal to take advantage of disability income benefits that are available to you.